What is Bitcoin?

Bitcoins is cryptocurrency that lets you transfer digital money to another person without the need of a third party, like a bank with the use of a private key. Since no bank is involved here, when a person transfers bitcoin to another person , all the information is accounted in a public ledger called Blockchain. It is a virtual payment platform which decentralized, governed by none. There are bills, cheque or coins in Bitcoins.

Advantages of Bitcoins

Easy payment: Bitcoins enables to send and receive money to and from any corner of the world. We don’t need to worry about borders, change plans for holidays, or other restrictions that come in mind while transferring money. We can control all our bitcoin money. There’s no middle authority to interfere.

No frauds and scams:

Since there is no substantial form of the Bitcoins, it is free from forgery and scams. There are no risks of a country’s financial system or losing millions in this regard.

Control and security:

It allows all of their users to fully control their transactions keep bitcoins safe for the network. Merchants can’t charge any extra fees on anything. They have to ask customer's approval before levying charges. Payment through bitcoins can be made without involvement of any personal information, which protects from identity thefts. Besides, bitcoins can be encrypted and provide safety to your money.

Transparent nature:

All the transactions finalized can be seen by every person, with the personal details hidden. Only the public address of user can be seen. Anyone, at any time, is free to confirm the bitcoin blockchain. Also, the set of rules for bitcoins can’t be handled or changed by any government, organization or person because the currency is secure cryptographically.

Less fees:

Bitcoins can have very less fees or no fee at all. Users may incorporate charges to process the transaction faster. The higher the fee, the more priority it attracts on the network and the processing will also be rapid. Digital currencies helps merchants by converting bitcoins to flat currency, while processing transactions. These services usually have lesser fees than plastic money.

Lower risk for merchants:

Bitcoin transactions are irretrievable. Merchants are thus safe from possible losses. They can also carry on with their business where fraud rates are high, because it’s extremely difficult to cheat anyone due to the blockchain technology

The Bitcoin rage is spreading its wings in every corner of the world. Many countries have adopted the cryptocurrency with open arms. In India, the market of Bitcoin is also gearing up. There were some problems and doubts related to the Bitcoin because the government didn't want the people to invest in the risky and decentralized cryptocurrency which is quite volatile in nature. But lately, the Finance ministry of India formed a separate committee to study the structure of blockchain technology, take suggestions/opinions from people and industries about their views on Bitcoins. It is not that the cryptocurrency is illegal in India. Government will soon be deciding to make it legal and regulate it under some authority to guide and help investors for the procedures to invest in Bitcoins. The Bitcoin prices are soaring since its recent hard forking, due to which it got split into Bitcoin cash and Bitcoin.

Recently, the prices of Bitcoin crossed $3400 in the global market, due to which the investors had a relief over the confusions over the market value of Bitcoins after the split. India being the developing country is an economy which is growing steadily. Whether it is in technology, space research, medical science, real estate, every field of Indian economy is speeding up in growth. The economy can benefit a lot if India adopts Bitcoins currency or make it legal so that the industrial sector can invest in it freely and gain profit.

India is a developing country. It can easily adopt and change the currency system in its economy. Bitbay, which is a Poland based Bitcoin exchange will launch its platform in India, that will allow bitcoin trade in India, as it also wishes to collaborate with the government so that whatever confusions are there in India regarding Bitcoins, they can work together on clearing it make India a legal platform for Bitcoins growth. With such transformations in the market prices and collaborations in India, we can expect the high changes in the Indian economy as well in terms of Bitcoins, and India can truly become a platform for the big market of Bitcoins.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .